2004 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 336 Uniform Commercial Code
Section 336.4-504 Privilege of presenting bank to deal with goods; security interest for expenses.
336.4-504 Privilege of presenting bank to deal with goods; security interest for expenses.
(a) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner.
(b) For its reasonable expenses incurred by action under subsection (a), the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller's lien.
HIST: 1965 c 811 s 336.4-504; 1992 c 565 s 112
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